Rayburn Reed is a highly talented photographer. He has chosen to specialize in photography because of all of the following except
A) he obviously has a comparative advantage in photography.
B) his opportunity cost of pursuing another career is very low.
C) for him, this is the most lucrative way to purchase the products that he wants to consume.
D) his photographs are highly esteemed by art lovers who are willing to pay very high prices.
Answer: B
You might also like to view...
Is it true that in the long run, a monopolistically competitive firm has market power but earns no profit? Explain
What will be an ideal response?
Assume Congress decides that oil companies are making too much profit and decides to increase the tax on oil companies for each gallon of gasoline produced. This would
A) guarantee a decrease in profits. B) guarantee an increase in profits. C) guarantee an increase in tax revenues. D) None of the above.
The way that a society uses to allocate resources to satisfy human wants is called
A) an economic system. B) an assumption. C) realism. D) a physical science.
How do direct controls and specific taxes affect externalizes? Briefly explain in terms of supply and demand
Please provide the best answer for the statement.